Overview

• BBVA’s offer runs from September 8 to October 7 with results due October 14 and settlement targeted between October 17 and 20.
• The terms are one newly issued BBVA share plus €0.70 in cash for every 5.5483 Sabadell shares, implying Sabadell holders would own about 13.6% of BBVA at full acceptance.
• The bid targets a minimum 50.01% of voting rights, though BBVA can cut the threshold to 30%, a move that would trigger a mandatory subsequent cash offer under Spanish takeover rules.
• Both banks have launched intensive outreach to a highly atomised base of roughly 200,000 Sabadell investors through letters, meetings, call centers and a nationwide roadshow.
• Regulatory approvals came with commitments to SME service and branch retention and a 3–5 year block on full integration; BBVA forecasts €900 million in synergies over four years and €1,450 million in restructuring costs, and would also receive a proportional share of Sabadell’s €2.5 billion special dividend.